The number of homes sold and median sale prices increased throughout the Hampton Roads region real estate market in the month of September, according to Long & Foster Real Estate’s Market Minute Report. Hampton City experienced the greatest increase in home sales, rising 30% followed by 28% in Newport News City and 24% in Virginia Beach City.

Median sale prices also were up across the region with Virginia Beach City exhibiting a 6% increase, followed by a 4% rise in both Chesapeake City and Norfolk City. Active inventory fell throughout the region, with declines ranging from 28% in Norfolk City to 41% in Hampton City.

The Long & Foster Real Estate Market Minute report for the Hampton Roads region includes Chesapeake, Hampton, Newport News, Norfolk and Virginia Beach cities.

“In general, September was a great month for real estate sales,” said Gary Scott, president of Long & Foster Real Estate. “While unit sales were up in many places, it’s also a double-edged sword because more sales means declines in active inventory.”

Interest rates remain historically low, which is creating a great opportunity for many people to buy a home or refinance. “Finding an excellent real estate agent and mortgage consultant is key to helping you work through your options if you’re considering buying or refinancing,” Scott said. “Anyone considering a refinance should ask themselves a few questions first, such as, how long you plan to live in the property, how much will the refi cost, and is refinancing affordable.”

Scott also had some advice for first-time homebuyers. “Make sure you have a mortgage pre-approval, a great agent with experience in the neighborhood where you want to live, visit homes as soon as they go on the market, and be ready to make a quick decision,” Scott said. “If you really want the house and it’s in a lower price bracket, submit a strong offer. Trying to negotiate could put you at risk of losing the home to another buyer with a stronger offer.”

To learn more about your local market conditions, visit Long & Foster’s Market Insights. You can also learn more about Long & Foster and find an agent at LongandFoster.com.